1997 (8) TMI 151

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.... Respondent. [Order per : K.S. Venkataramani, Member (T)]. - The appellants filed a Bill of Entry on 9-10-1989 in the Mumbai Custom House for the clearance of the High Density Polyethylelne and declared its value as US $ 800 Per Metric Ton (PMT) C.I.F. The Customs House found that the goods had been shipped on 30-4-1989 whereas the prevailing price was much higher. The appellants explanation....

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....as the price at which the supplier had shipped the goods to the original buyer in terms of Section 14(1) of Customs Act, 1962 read with Rule 11 of Valuation Rules. That Rule says that in case of dispute between the importer and assessing officer valuing the goods, the same shall be resolved consistent with provisions of Section 14(1) of Customs Act, 1962. The Assistant Commissioner observed that t....

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....rtment. 3. We have considered the rival submissions. The distinguishing feature of the present import is that the negotiations between the supplier and appellants had taken place admittedly after the import of the goods into the country had been completed. M/s. Shyam Sunder & Sons had even filed a Bill of Entry for their clearance on 23-6-1989. The admitted position is that the goods had b....

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....ent like gifts. In this context we are having regard to the Advisory opinion of the Customs Co-operative Council on G.A.T.T. Valuation Agreement on which the amended provisions of Section 14 of Customs Act and the Valuation Rules, 1988 thereunder are based. Under the transaction value, according to the CCC Explanatory Note, the basis for establishing Customs value is the actual price made in the s....